The cryptocurrency market is showing signs of recovery as the total market cap surged by 1.41% today, reaching $2.44 trillion.
Bitcoin managed to briefly breach the $69,000 level, but retraced to its current price at $68,850.
Despite this retracement, BTC is still up 2.7% on the weekly chart and has 24-hour trading volume of around $23.2 billion.
In the past 24 hours $80.36 million were liquidated from the market ($25.95 million being longs and $54.4 million in shorts).
The 1-day technical analysis from TradingView remains extremely bullish with the summary and moving averages pointing to “strong buy” at 17 and 14, while oscillators show “buy” at 3.
Many altcoins followed suit, with the bigggest gainer for today being eCash, which surged 14.9% and has a trading volume over $100 million.,
However, there is one altcoin that isn’t showing much bullishness during this surge and that is Ethereum.
Although Ethereum recently got the greenlit from SEC for spot ETFs, the prce of ETH seems to be lagging behind Bitcoin.
At the time of writing, Ethereum is valued at $3.274 with a 6.5% weekly decrease and $11.8 billion trading vokume.
Despite the positive start of spot ETH ETFs, these funds seem to be registering outflows in the past 2 days. Nevertheless, many analysts and crypto experts are optimistic about the ETFs’ future performance and the positive impact on the price of Ethereum.
However, Ethereum’s 1-day technical analysis from TradingView seems rather bearish. The summary and moving averages pont to “sell” at 11 and 10, respectively, while oscillators remain “neutral” at 9.
Jeff Kendrick, global head of digital asset research at Standard Chartered, predicts Bitcoin could reach $200,000 by the end of 2025, regardless of the outcome of the 2024 US presidential election.
MicroStrategy CEO Michael Saylor shared his optimistic outlook for Bitcoin following the U.S. Securities and Exchange Commission’s (SEC) approval of options on BlackRock’s Bitcoin exchange-traded fund.
Coinbase is preparing to launch its cbBTC token on the Solana blockchain, according to the company’s Singapore director, Hassan Ahmed, during the Solana Breakpoint 2024 event.
Ripple Chairman Chris Larsen has recently moved 20 million XRP as part of a larger shuffle involving 50 million tokens.